RE/MAX COASTAL REAL ESTATE, BROKER LICENSE #BK660013
Phyllis Staines, Realtor
(904) 476 - 7653(904) 476 - 7653

Will The Government Shutdown Affect Your Closing?

If you have a closing scheduled this week or next, the government shutdown cause your closing to be delayed. Depending on the type of financing you’re using you may experience delays. And with the IRS on limited staff, obtaining tax return transcripts may be difficult. Also, rural loans under USDA will be on hold. My sources tell me most of our larger lenders have work arounds in place to get buyers to closing.

However the work around we don’t have in place is for flood insurance. If your lender requires flood insurance in order to close, you will be delayed as new policies are not being issued by the NFIP (National Flood Insurance Program). But here’s a tip – if your seller has a flood insurance policy in place, check with their insurance agent to see if it’s transferable. You may be paying a higher premium but as least it will get you to the closing table.

If you have any questions or need help with your closing, please call Phyllis Staines at (904) 476 – 7653 or email pstaines@aol.com..